Home Buying in Calumet>Question Details

Givememyshad…, Home Buyer in Calumet, MI

Can an offer on a house be denied because of the company you were pre-qualified for a mortgage with?

Asked by Givememyshades, Calumet, MI Tue May 12, 2009

We were prequalified for a mortgage and put in an offer on a house. Our agent told us yesterday that the seller will not look at the offer unless the pre-qual is from Bank of America. Can they discriminate like that? We're worried we won't be approved for as much with BOA.

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I work for B of A, and to add on to what Derek said, the reason we (and other ) banks are doing this is because there are still a lot of shady lenders out there and they want to make sure that if your lender fails to perform and deliver on a closing then they can step in to preserve the deal. If you are not approvable through B of A then they may consider your offer less qualified and elect to go with an offer that has less question marks
0 votes Thank Flag Link Tue May 12, 2009
Actually, that is both not discrimination, and is becoming quite common. You can not be mandated to get your loan from a specific lender/broker, but you can be mandated to at least be qualifed by whomever the seller or listing agent prefer.

Best of luck and hope you can get the house.
Web Reference: http://DoorToDreams.com
0 votes Thank Flag Link Tue May 12, 2009
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